MGP currently owns the Mandalay Bay real estate and MGM Resorts International owns the MGM Grand real estate. BREIT, which is externally managed by a subsidiary of The Blackstone Group, also will purchase $150 million in MGP Class A shares. MGP will own 50.1 percent of the JV and BREIT 49.9 percent. © 2023 NYP Holdings, Inc.MGM Growth Properties and Blackstone Real Estate Income Trust entered into a definitive agreement to form a joint venture to acquire the MGM Grand and Mandalay Bay in Las Vegas for $4.6 billion. “This transaction reflects our continuing strong conviction in Las Vegas,” Jon Gray, Blackstone’s president and chief operating officer, said in a statement. Blackstone bought MGM’s Bellagio casino for $4.25 billion last year. MGM Resorts CEO Jim Murren said the sales are part of the company’s “asset-light” strategy, which has seen it sell off other casinos in recent years. The deal is expected to close in the first quarter of this year. The Blackstone trust will also buy $150 million worth of shares in MGM Growth Properties, the news release said. MGM Growth Properties - a real estate investment trust largely owned by MGM Resorts - will own 50.1 percent of the joint venture, while Blackstone’s real estate trust will have a 49.9 percent stake. The annual rent for the properties will start at $292 million, according to MGM Growth Properties. The joint venture will lease the properties to MGM Resorts, which will continue to operate and manage them - meaning nothing should change day-to-day for gamblers and guests. MGM Resorts currently owns the MGM Grand property, while MGM Growth Properties owns Mandalay Bay’s real estate, according to a news release.

MGM Resorts International’s MGM Grand and Mandalay Bay casino properties are being sold for $4.6 billion in a deal involving private equity giant Blackstone Group.Ī new joint venture between the Blackstone Real Estate Income Trust and MGM Growth Properties will buy the splashy Las Vegas Strip complexes, which have more than 9,700 hotel rooms and about 300,000 square feet of casino space combined, the companies said.

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